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19th September 2018
PRA issues consultation paper related to the extension of the Senior Managers and Certification Regime(SM&CR) to insurers
In consultation paper(CP) 20/18 published this week, the Prudential Regulation Authority(PRA) sets out its proposed rules for some consequential changes, and minor administrative amendments, related to the extension of the Senior Managers and Certification Regime(SM&CR) to insurers.
The CP should be read in conjunction with PRA Policy Statement(PS) 15/18 ‘Strengthening individual accountability in insurance: Extension of Senior Managers and Certification Regime to insurers’, and Financial Conduct Authority(FCA) PS18/15 ‘Extending the Senior Managers and Certification Regime to insurers– Feedback to CP17/26 and CP17/41 and near final rules’, along with the proposals in PRA CP18/18 ‘Strengthening accountability: implementing the extension of the SM&CR to insurers’.
The CP is relevant to Solvency II insurers. It includes proposals for some technical consequential changes to the rules in the PRA Rulebook for the implementation of the SM&CR, relating to the ‘current approved person approval’ status of those individuals who will be in a ‘designated senior management function’ following the commencement of the extension of the SM&CR to insurers. In addition, the CP includes some minor administrative amendments.
The extended SM&CR for insurers will come into effect from 10th December 2018. The PRA proposes that the rule changes in this CP will therefore apply from the same date(other than one minor administrative change in Annex H of the Appendix that will apply from 1st January 2019).
The consultation closes on 17th October 2018 so that final rules can be made in advance of implementation so as to give firms and industry participants certainty on the technical details of the regime prior to commencement. The PRA invites feedback on the proposals set out in the consultation.
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